"In 2011, one in seven people in the Bay Area searched Redfin.com for homes outside of the Bay Area. Now It's one in four," said Redfin CEO Glen Kelman. The average price for a Silicon Valley home exceeds one million dollars, which is more than double the cost in cities like Boston or Seattle, and triple for Portland, Denver or Austin.
We are even seeing this trend here in our own Piedmont Moving Systems. Our very own president, Mark Beltramo comments that he has seen this trend of exodus of high-paid tech workers from Silicon Valley.
"In some cases their company is moving them so they're keeping their salary, yet they are cutting their housing costs by a huge amount," Mark said.
It will be interesting to see how how this trend affects businesses and industries in the Silicon Valley and Bay Area.